Wieser, Friedrich von

Friedrich von Wieser was an Austrian economist and a key figure in the development of the Austrian School of economics in the late 19th and early 20th centuries. He is best known for his contributions to the theory of value and cost, particularly the concept of "opportunity cost," which refers to the potential benefits lost when choosing one alternative over another. Wieser's work emphasized the importance of subjective value and the role of individual preferences in shaping economic outcomes. His ideas have influenced modern economic thought, particularly in understanding decision-making and resource allocation.